Frequently Asked Questions

• We are defining the category of "AP Payments as a Service"
• We pay 100% of our customers invoices better, faster, and cheaper than they do internally
• The white glove service means more free time for CFO's, Controllers, and AP managers

• Finexio works instantly with any Accounting or ERP system
• Average launch time is 6 weeks
• Nothing to install and no IT resources required

• Manual AP payments cost between $6-$10 per payment and take an average of 10 hours per week
• Payments with Finexio cost $0 and take no time
• Phone calls from suppliers are eliminated by 24/7 online tracking

• We analyze our customers supplier list against a number of payment networks to determine the best way to pay those suppliers
• Our technology uses internal and external data on payment method preference to fill in contact and company data gap

• Suppliers are paid faster and more securely
• Suppliers have many options on how and when to be paid, ensuring there is a payment for everyone
• Suppliers gain peace of mind by knowing when their payments will arrive via online reporting.

• We perform Know-Your-Customer (KYC) on our customers and suppliers that are paid electronically
• We also leverage third-party services like Lexis Nexis, Plaid, and Microbilt to validate company information and bank accounts to ensure account validation

• We employ Automation Technology and AI to pay your bills
• Most suppliers already accept electronic payments
• Financial institutions pay Finexio to create electronic connections that eliminate friction and reduce fraud

Finexio works instantly with any Accounting or ERP system. Nothing to install and no IT resources required

Finexio’s physical infrastructure is hosted and managed within Amazon’s secure data centers and utilizes the Amazon Web Service (AWS) technology. Amazon continually manages risk and undergoes recurring assessments to ensure compliance with industry standards. Amazon’s data center operations have been accredited under: ISO 27001, SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously SAS 70 Type II), FISMA Moderate, Sarbanes-Oxley (SOX), AML/KYC Screening

‍

Careful planning and well-designed controls and policies need to be in place to safeguard that information flow and protect the systems from malicious data or actors.  Endpoints not only need to be secured but the data needs to be sufficiently encrypted to protect it while in transit and at rest.  Prevention is the first line of defense while detection and response are essential to minimize any breaches of defense. Finexio has implemented these frameworks and policies to achieve the highest level of network security and monitoring: 

Firewalls

Firewalls are utilized to restrict access to systems from external networks and between systems internally. By default, all access is denied, and only explicitly allowed ports and protocols are allowed based on business needs.  Each system is assigned to a firewall security group based on the system’s function. Security groups restrict access to only the ports and protocols required for a system’s specific function to mitigate risk.

• Required encrypted HTTPS communication from clients to platform using:
• Military Grade Encryption: RSA 2048 bits keys - Supports TLS 1.2 or 1.3 - SHA-256 - HTTP Strict Transport Security (HSTS)
• Routine monitoring of firewall and IDS logs and configurations
• Routine review of user access to the production environment‍
• Regular Vulnerability Scanning - provides comprehensive and accurate results to proactively identify and remediate potential areas of attack and reduce risk‍
• Incident Response - for security event logging, orchestration, and response along with Intrusion Detection and Prevention

Our infrastructure guards us against common exploits done by common attacks, such as DDoS, Spoofing and Sniffing, and Port Scanning. Finexio utilizes application isolation, operating system hardening restrictions, and encrypted connections to further ensure risk is mitigated at all levels.

Data Centers 

Amazon has many years of experience in designing, constructing, and operating large-scale data centers. This experience has been applied to the AWS platform and infrastructure. 

Finexio’s physical infrastructure is hosted and managed within Amazon’s secure data centers and utilize the Amazon Web Service (AWS) technology. Amazon continually manages risk and undergoes recurring assessments to ensure compliance with industry standards. Amazon’s data center operations have been accredited under:

• ISO 27001
• SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously SAS 70 Type II)
• FISMA Moderate
• Sarbanes-Oxley (SOX)

Finexio has a stringent vendor management policy. We perform a comprehensive security review of all vendors to ensure that they adhere to best-in-class security practices. Finexio ensures that client data is going to be handled securely with our trusted partners. 

24/7 monitoring of IT networks and infrastructure to ensure that the platform is running so payments can flow seamlessly.

24/7 monitoring so that Finexio is able to react swiftly and appropriately when responding to cybersecurity incidents. 

‍

The Supplier Payment Program is an electronic accounts payable process that enables suppliers to receive ongoing payments with a single-use card number delivered via email. Suppliers receiving payments enter the card number into their card payment system each time an invoice is paid. The card number is valid for one payment only and expires after each use.

Electronic payments like virtual card work to improve daily working capital by increasing cash flow due to expedited receivables. Virtual cards improve on the inefficiencies of paper checks, that come with addressing, mailing, tracking, remittance, etc.

‍

Paper checks also hold the highest end-to-end cost, between $4 and $10, and often higher. Electronic payments are more secure as check fraud and postal service reliability are growing issues, with an average of 75% of organizations experiencing check fraud each year.

A virtual card is a single-use, non-reloadable, digital card issued to a supplier via email. It includes a secure payment number that uses the same network as a debit or credit card transaction. Virtual cards have less risk and costs associated than issuing check orACH, plus they’re easily accepted by any supplier already accepting cards through their bank or merchant services provider.

Simply enter the email you provided during the enrollment process to open the secured card. Then, enter into your point-of-sale (POS) terminal the 16 digits displayed on the card. If your POS terminal requires the CVV or expiration date, those will also be provided on the card after opening it. The payment will process as soon as the information is entered, and you will receive payment within your standard credit/debit card settlement process

If you are unable to process the card, please call Finexio at (407) 232-9138 or email at SupplierSuccess@Finexio.com. Please have your card number available for our team to be able to provide assistance.

Yes, access to all your payment history and current transaction activity is available through our self-service supplier portal. Once enrollment is completed you will be sent an invitation and instructions for activating your account.

A supplier success number is available 24/7 to support your inquiries at 818-724-8110 ext 1,where you can leave a voicemail that will be responded to within 48 hours. Additionally, you can email a member of the supplier payments team at SupplierSuccess@Finexio.com

Yes, we have the ability to help set up any suppliers with alternative electronic payment acceptance methods.

The program is free for suppliers to participate in. The cost per transaction depends on your current contract with your bank or merchant acquiring organization. Your normal credit card processing fees will apply when the virtual card is processed.

Please call us at (407) 232-9138 or email at SupplierSuccess@Finexio.com. If you already know and can provide the right contact information, those details will be entered into the supplier payments portal and the new contact will receive a confirmation email to login to their account.

Yes, like a check or an ACH payment, each virtual payment is set for a specific payment amount and contains a 30-day redemption period. After 30 days, the card will be defunded, and a replacement check issued instead.

Yes, upon Finexio’s payment order instruction from your Payor, a virtual card payment is ready 3-5 days sooner than your Card By Mail or traditional paper check payment when you switch to Card By Email delivery at finexio.com/card-opt-out.

Yes Finexio offers your business an online portal for with payment history and details. Please contact help@finexio.com for online enrollment to our Portal.

Please contact Finexio at help@finexio.com to report the lost or stolen virtual card, a new virtual card will be sent to you. Please retain the new card information in a secure location for future use.

Please refer to the link and opt out code provided to you on your most recent Card By Mail letter for instructions on how to opt out of the program and select an alternative payment delivery method.